Daewoo Shipbuilding cancels $610 mln Europe order

Daewoo Shipbuilding and Marine Engineering Co Ltd said on Friday it had cancelled a 619 billion won ($610.3 million) order to build eight container ships for an unidentified European company.

Daewoo said in a filing to the Korea Exchange that the European firm had not paid for the ships. The South Korean shipbuilder announced the order on Mar. 11, 2008.